Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real,americast.usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Wed, Oct 7 1992 Date: Wed, 7 Oct 92 04:38:01 EDT Message-ID: 10-07 0000 DECISIONLINE: Real Estate USA TODAY Update Oct. 7, 1992 Source: USA TODAY:Gannett National Information Network CITICORP FACES EXAMINATION: Citicorp's mortgage subsidiary faces closer examination by the Comptroller of the Currency and the Federal Reserve Bank, Bloomberg Business News reported Tuesday. Last month, a report from the Comptroller of the Currency leaked to the press revealed that Citicorp's mortgage unit had serious management and credit-quality problems. Citicorp downplayed the memo. SITUATION WILL BE RESTRICTIVE: Citicorp must consult with the Federal Reserve Bank before making any significant acquisitions or transfers, Bloomberg Business News reports. Analysts say these new regulations are very restrictive but common for a bank with high-profile problems. BUSH SIGNS TAX BILL: President Bush signed legislation Tuesday that includes permanent extension of the Low Income Housing Tax Credit. The tax credit's aim is to get corporations to invest in affordable housing. It provides credits against federal tax liabilities for corporations or individuals to invest in long-term affordable housing. BILL INCREASES MAXIMUM LOAN: President Bush signed a tax bill Tuesday that will help thousands of homebuyers in the USA's more expensive housing markets, the California Association of Realtors said. The bill will increase the maximum loan amount for Federal Housing Administration mortgages from $124,875 to $151,725 and restore the ability of borrowers to finance all of their non-recurring closing costs. FARMER MAC ISSUES SECURITIES: The Federal Agricultural Mortgage Corporation (Farmer Mac) said Tuesday it is issuing $87,908,000 of Farmer Mac-guaranteed mortgage-backed securities. This public offering was backed by a pool of agricultural real estate mortgages formed by Equitable Agri-Business, Inc., a certified Farmer Mac pooler. The mortgages were originated by Equitable throughout the USA's major farming regions. SIZELER WILL REPORT INCREASES: Sizeler Property Investors Inc. said Tuesday it will report increases in funds from operations and total operating revenues for three months and nine months ended Sept. 30. Sizeler, an equity real estate investment trust, invests in income-producing shopping center and apartment properties. Funds from operations is defined as income before real estate sales. GROUP BLASTS POLL: Virginians for the Stadium, a group which wants to bring the National Football League's Washington Redskins to Virginia, said Tuesday a recent poll was "incomplete and therefore meaningless." The Richmond Times-Dispatch:12 News poll showed a majority of Virginians oppose building a stadium for the Redskins with $130 million in public money. Total coast of the stadium: $300 million. THORNBURG TO INVEST PROCEEDS: Thornburg Mortgage Asset Corp. said Tuesday it will invest proceeds from a planned November initial public offering in mortgage-backed securities. The real estate investment trust said it is taking advantage of the spread between short-term interest rates securities pay and short-term rates used to finance the mortgages. BARNETT BANK OFFERS DEALS: Barnett Bank said Tuesday it is offering victims of the tornadoes in the Tampa Bay, Fla., area special arrangements. Barnett, the largest bank in the area, is offering a 60-day payment extension on all types of monthly-payment loans in good standing, including special payment arrangements on residential mortgages. Also offered: reduced-rate home-improvement loans. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.02% Tuesday, unchanged from Monday and unchanged from 8.02% the week before. They were at 8.87% a year ago. For 30-year adjustable-rate mortgages, the rates were -5.02%, unchanged from Monday and unchanged from the week before. A year ago they were at 6.74%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.02% Tuesday, unchanged from Monday but down from 3.16% the week before. A year ago they were at 5.40%. For the 11th District ARM index, rates were at 4.874%, unchanged from Monday but down from 5.069% the week before. A year ago they were at 6.845%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Tuesday, listing at 7.41%. That's up 0.07 from rates of 7.34% Monday and up 0.05 from 7.36% the week before. A year ago T-bonds were at 7.82%. Real Estate Editor: Martin Baucom. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM